Computational biology combines biology, mathematics and computer science to analyze complex biological systems with advanced computing approaches and algorithms. Computational biology tools helps store, retrieve, organize and analyze vast biological datasets to understand diseases and design drugs. These tools also help predict protein structure and gene functions enabling development of effective therapeutics.
The global Computational Biology Market is estimated to be valued at US$ 6.6 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key driver fueling the growth of computational biology market is the increasing investments in research and development activities by pharmaceutical and biotechnology companies. Life science companies are investing heavily in computational biology tools to leverage large datasets for drug discovery and development. For instance, according to Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of major pharmaceutical companies increased from US$ 49.6 billion in 2012 to US$ 79.6 billion in 2020. Computational biology analyses vast molecular and genomic datasets to design novel therapeutic molecules at a much faster rate than the traditional trial-and-error research methods. The growing investments in life science R&D are enabling enhanced and efficient drug development using computational approaches, thereby accelerating the market growth over the forecast period.
Segment Analysis
Computational Biology market is dominated by the Drug Discovery & Disease Modeling sub-segment. This sub-segment holds around 40% of the total market share owing to the increasing utilization of computational techniques in drug discovery and disease modeling processes. Computational approaches have allowed researchers to model disease mechanisms and screen millions of potential drug molecules in silico to identify lead compounds for testing, resulting in enhanced drug discovery success rates and reduced costs.
Key Takeaways
The Global Computational Biology Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Computational Biology Market is estimated to be valued at US$ 6.6 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
North America captures around 35% share of the total Computational Biology market. This is attributed to its well-established biotechnology industry and huge investments in R&D activities from government as well as private players. However, Asia Pacific region is projected to showcase highest growth during the forecast period with countries like China and India emerging as key hubs for biotechnology. This is owing to rising government support for life science research and growing adoption of advanced computational tools for healthcare applications.
Key players: Key players operating in the Computational Biology market are Schrödinger, Certara, NancyXR, Chemical Computing Group, Compugen, NIH, SAM Innovation, SRI International, Dassault Systemes, and SIRION Biotech.
For More Insights, Read: https://www.newswirestats.com/computational-biology-market-size-share-and-growth-forecast-2023-2030/
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